Interest has grown over the last several years in the prospect of using credit ratings and financial regulation as means of forcing the internalization, by polluting firms, of environmental costs they externalize to the public. The justification for such a strategy is straightforward: the...

This article considers the prospects for exploiting (a) several deep conceptual linkages between justice and insurance, (b) the rapid development of new hedging methods and technologies, and (c) an increasingly integrated global finance economy, in a manner that can render the global economy...

I propose both an interpretation of and an institutional optimization plan for the broad array of new Fed Liquidity Facilities announced in response to the Coronavirus Pandemic of 2020. These represent an attempt by our central bank to fund concerted state and municipal action as if it were...

This white paper lays out the guiding vision behind the Green New Deal Resolution proposed to the U.S. Congress by Representative Alexandria Ocasio-Cortez and Senator Bill Markey in February of 2019. It explains the senses in which the Green New Deal is 'green' on the one hand, and a new 'New...

Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit' of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective...

Charges that the IMF has been engaging in "mission creep," gradually taking on a growing number of activities that exceed its constitutive mandate, have grown both in vehemence and in frequency since the late 1990s. I argue that, what ever the substantive merits of its actions, the IMF's...

This essay suggests means by which the international financial institutions (IFIs), the IBRD and the IMF in particular, and indeed "globalization" more generally might be rendered more friendly to humanity. The key, it suggests, lies in a subtle shift in perspective, a "gestalt-switch": It is to...

This Article, which brings together two series by the author on financial regulation and the global financial architecture, respectively, retrieves and updates J. M. Keynes’s original International Clearing Union plan for what ultimately became the International Monetary Fund (“IMF,”...